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The Clearing Corporation
The Clearing Corporation is one of the oldest
independent clearinghouses in the world. Committed to innovation
since its inception, it was the first clearing organization to embrace
technology.
The Need: Trade Management System
The Clearing Corporation was operating trade management functionality
on legacy, mainframe systems that were costly and difficult to maintain.
A new, flexible and easily maintained trade management system was
required to capture and validate exchange-regulated Trade and non-Trade
transactions. In addition, the system had to welcome new markets
with minimal customization
The Synegen Approach:
Since a completely new infrastructure was needed to replace the
mainframe environment, Synegen completed an assessment of the available
infrastructure/technology options that would best support the client’s
business requirements. After completing this extensive analysis,
it was determined that using a J2EE framework in a Solaris environment
would provide the flexibility and scalability that The Clearing
Corporation required. Using Synegen’s proprietary development methodology
and an iterative development process, Synegen consultants designed,
developed and implemented a new Trade Management System. During
each phase of the project, milestones and deliverables were presented
to the client for review and approval. Upon completion, complete
documentation and user manuals were created to enable the client
to use and support the systems easily.
The Solution:
Synegen implemented a Trade Management System that is responsible
for the entry and management of several hundred thousand transactions
per day, spanning six separate financial exchanges, each with its
own business requirements. The system successfully replaced the
out-of-date legacy mainframe systems and delivered functionality
that allowed The Clearing Corporation to excel in its business and
expand in the future. The following functionality was delivered
to the client:
- Components including Future, Options, Sleds and Flex Trade
Entry, Inquiry and Update Functionality.
- Rapid development of clearing functionality for new exchanges.
- New market support, requiring minimal customization.
- Easy implementation of additional exchanges, products, trade/clearing
cycles and business rule validation.
- Web-enabled interface.
- “Decision Tree” and “Profiles” functionality to process
trades.
- Trade Capture.
- Trade Edit (error-checking and enrichment).
- Interface with Trade Matching functionality.
- Transaction capture and validation.
- Interface with Allocate Claim Transaction (ACT) system.
The Benefit:
A flexible system. The new Trade Management system is flexible
enough to grow with the client’s needs. If additional exchanges
are required, the system easily adapts to accommodate the new need.
The new system also allows for the business rules of each exchange
to be recognized and adhered to on a case-by-case basis. Additionally,
trades are accepted from both back office queues and the web-enabled
interface.
Rapid development for new exchanges. The new system contains
a Java-based business rule engine that allows for fast, easy development
of new functionality to fulfill the needs of a new exchange.
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